Oil prices are expected to rise after our attack on Iran

Brent crude barrel was selling about $ 77 on Friday, and it may rise by another $ 5 when the markets open at 11 pm on Sunday.Photo: Yonhap/EPA

Oil prices are expected to rise with the start of the trading week, yet The US attack on Iran Fears of the escalating regional conflict that can close the vital strait from the hormonal charging.

Brent crude barrel was selling about $ 77 on Friday, after it had risen more than 10 % since mid -June when Israel’s attack on Iranian nuclear sites pushed missile strikes from Tehran against Tel Aviv.

Donald Trump’s decision to follow Israel to launch an American attack on Iran during the weekend can rise by another $ 5 when the markets are opened, according to the expectations of the oil market analysts.

Trading for the week begins at 11 pm UK local time.

“It is expected that oil prices are expected,” said Jorge Leon, head of geopolitical analysis at Restad Energy Company and a former OPEC official, a group of main oil -producing countries.

“In an extremist scenario where Iran responds to direct strikes or targets the infrastructure of regional oil, oil prices will increase sharply. Even in the absence of immediate revenge, markets are likely to be priced at a higher geopolitical risk allowance.”

Oli Havalbe, a SEB analyst, said in a note that Brent crude, the price of traditional global oil, can earn $ 3 to $ 5 a barrel when the markets open.

The Wall Street JP Morgan Bank has previously expected that the price of oil may rise to 130 dollars in the event of the continuous Middle East conflict from the Strait of Hormuz.

Iranian officials had previously threatened to prevent the strait, the channel for a fifth of global oil consumption, if Tehran’s interests are threatened.

Any of this type of revenge can have huge impacts on the global economy, with a shock in oil prices resulting from a period of high inflation, as car drivers pay more for gasoline and the cost of transporting goods.

Brent crude settled at $ 77.01 on a barrel on Friday, while the medium standard in the United States West Texas (WTI) reached $ 73.84.

Some analysts have reduced the risk of long -term turmoil in shipping methods, noting that most Iranian oil exports to China are going through the Strait of Hormuz.

If oil prices rise to $ 130, this will exceed the levels that have been reached in The effects of Russia’s invasion of Ukraine.

The highest level for Brent crude is $ 147.50, as it was determined in July 2008 before the global financial crisis sent prices.